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OIL: Crude finished off of best levels with both WTI & Brent futures trading
around $0.10 higher at $62.10 & $65.60 respectively.
- A pullback in last week's Baker Hughes rig count data helped to underpin
prices, although an interview with the Iranian energy minister, released over
the weekend, pointed to dissent within OPEC. Iran favours oil prices around
$60/bbl (as to not entice US shale producers), while Saudi Arabia is said to
favour prices of $70/bbl. The Iranian oil minister also suggested that easing
OPEC production limits may be on the cards in 2019.
- Despite looking heavy last week, WTI's $59.18-91 support region where the
100-DMA ($59.25) and bull channel base ($59.18) are located confirmed
significance with a rally that provides bulls breathing room and hints at a test
of $63.05-64.07 this week. Overall a close above $64.07 remains needed to return
focus to $66.02-68.21. Bears need a close below $59.18 to hint at a move back to
$53.30-55.40 with below $57.11 (Bull channel base) to confirm.